-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WoQRvuvAU1xgxcbdER6L5de0LX1VsRlLDDcV8ZO7MPrWL0Sutjx5aYLzsqwHR7/Z ONyI/GLIFVizEIer9zlXuw== 0000882377-98-000140.txt : 19980324 0000882377-98-000140.hdr.sgml : 19980324 ACCESSION NUMBER: 0000882377-98-000140 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980328 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980323 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN PACIFIC SECURED ASSETS CORP CENTRAL INDEX KEY: 0000944743 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330659688 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-91756 FILM NUMBER: 98570746 BUSINESS ADDRESS: STREET 1: ONE CENTERPOINTE DRIVE STREET 2: SUITE 500 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 5036844700 MAIL ADDRESS: STREET 1: ONE CENTERPOINTE DRIVE STREET 2: SUITE 500 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 8-K 1 SOUTHERN PACIFIC SECURED ASSETS CORP. - ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 23, 1998 SOUTHERN PACIFIC SECURED ASSETS CORP. (as seller under the Pooling and Servicing Agreement, dated as of March 1, 1998, providing for, inter alia, the issuance of Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1998-1) SOUTHERN PACIFIC SECURED ASSETS CORP. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 333-39039 33-0659688 -------------- ------------ --------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification Number) 4949 Meadows Road, Suite 600 LAKE OSWEGO, OREGON 97035 (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code (503) 684-4700 - ------------------------------------------------------------------------------- -2- Item 5. OTHER EVENTS. On or about March 30, 1998, the Registrant will cause the issuance and sale of approximately $555,000,000 initial principal amount of Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1998-1, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class R-I and Class R-II (collectively, the "Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of March 1, 1998, among the Registrant, Southern Pacific Funding Corporation, as master servicer, and Norwest Bank Minnesota, N.A., as trustee. In connection with the sale of the Series 1998-1, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates (collectively, the "Underwritten Certificates"), the Registrant has been advised by Morgan Stanley & Co. Incorporated, Donaldson, Lufkin & Jenrette Securities Corporation and Lehman Brothers Inc. (together, the "Underwriters") that the Underwriters have furnished to prospective investors certain yield tables and other computational materials, collateral term sheets and structural term sheets (the "Computational Materials") with respect to the Underwritten Certificates following the effective date of Registration Statement No. 333-39039, which Computational Materials are being filed as exhibits to this report. The Computational Materials have been provided by the Underwriters. The information in the Computational Materials is preliminary and may be superseded by the Prospectus Supplement relating to the Certificates and by any other information subsequently filed with the Securities and Exchange Commission. The Computational Materials were prepared by the Underwriters at the request of certain prospective investors, based on assumptions provided by, and satisfying the special requirements of, such prospective investors. The Computational Materials may be based on assumptions that differ from the assumptions set forth in the Prospectus Supplement. The Computational Materials may not include, and do not purport to include, information based on assumptions representing a complete set of possible scenarios. Accordingly, the Computational Materials may not be relevant to or appropriate for investors other than those specifically requesting them. In addition, the actual characteristics and performance of the mortgage loans underlying the Underwritten Certificates (the "Mortgage Loans") may differ from the assumptions used in the Computational Materials, which are hypothetical in nature and which were provided to certain investors only to give a general sense of how the yield, average life, duration, expected maturity, interest rate sensitivity and cash flow characteristics of a particular class of Underwritten Certificates might vary under varying prepayment and other scenarios. Any difference between such assumptions and the actual characteristics and performance of the Mortgage Loans will affect the actual yield, average -3- life, duration, expected maturity, interest rate sensitivity and cash flow characteristics of the Underwritten Certificates. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) FINANCIAL STATEMENTS. Not Applicable. (b) PRO FORMA FINANCIAL INFORMATION. Not Applicable. (c) EXHIBITS Item 601(a) of Regulation S-K Exhibit No. Exhibit No. Description - ----------- ----------- ----------- 1 99 Computational Materials -4- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SOUTHERN PACIFIC SECURED ASSETS CORP. By: /s/ James L. Smith ------------------------- Name: James L. Smith Title: Director Dated: March 23, 1998 -5- EXHIBIT INDEX ------------- Exhibit No. Description Page - ----------- ----------- ---- 1 Computational Materials P* *The Computational Materials have been filed in paper format pursuant to the automatic SEC exemption pursuant to Release 33-7427, August 7, 1997. -----END PRIVACY-ENHANCED MESSAGE-----